BNB Price Analysis: Whale Addresses Control 52% of Token Supply as Price Tests Support

TLDR

• NB price stabilizes at critical $615 support level after 7% pullback
• Whale addresses now control 52.1% of total BNB supply
• $2.75M liquidation pool concentrated at $632.47 level
• Social media mentions of BNB showing steady increase since November 3
• Multiple tests of $615 support level suggest strong buyer interest

Recent market data reveals a notable convergence of technical and on-chain signals for BNB, as the cryptocurrency maintains its position above the $615 support level despite recent market volatility. The latest analysis shows increasing accumulation by large holders, even as the price experiences a period of consolidation.

The cryptocurrency has demonstrated resilience at the $615 price point, bouncing multiple times from this level in recent trading sessions. This price action comes after a 7% correction from previous highs, suggesting strong buying interest at current levels.

Data from blockchain analytics platform Santiment indicates a marked increase in whale activity, with addresses holding over 5 million BNB now controlling 52.1% of the total supply.

This concentration of holdings among large investors represents a substantial increase from previous periods and could indicate growing confidence among institutional players.

Market observers note the formation of a substantial liquidation pool at the $632.47 price level, currently valued at $2.75 million. This concentration of leveraged positions often acts as a price magnet, potentially influencing future price movements as traders navigate around this key level.

BNB Price on CoinGecko

Social media metrics show an uptick in BNB-related discussions since November 3, 2024. The increasing social volume typically correlates with heightened market interest and could precede larger price movements, according to historical patterns.

Technical analysis of the daily chart reveals multiple tests of the $615 support level, with buyers consistently stepping in to defend this price point. This behavior has created a clear technical structure that traders are closely monitoring for potential breakout signals.

The recent price action has established clear support and resistance zones. While $615 serves as immediate support, the next major support level lies at $551.5, should the current level fail to hold. On the upside, $632.47 represents the first major resistance, followed by the yearly high of $724.7.

Trading volume patterns show consistent buyer interest at the $615 level, though the recent 7% pullback suggests some profit-taking activity among short-term holders. This dynamic creates an interesting market structure where both bullish and bearish scenarios remain viable.

The concentration of whale holdings has created an interesting market dynamic. Historical data suggests that periods of increased whale accumulation often precede sustained price movements, though the direction of such movements can vary based on market conditions.

Market makers have positioned themselves around the $632.47 level, as evidenced by the size of the liquidation pool. This clustering of positions could lead to increased volatility as the price approaches this zone.

Looking at on-chain metrics, wallet analysis shows a steady increase in addresses holding large amounts of BNB. This accumulation pattern has continued despite the recent price correction, suggesting confidence in the asset’s current valuation.

The technical setup presents several key levels for traders to watch. The immediate challenge for bulls lies in overcoming the $632.47 resistance, while bears will likely test buyer resolve at the $615 support level.

Daily trading patterns show decreasing volatility as the price consolidates around current levels. This compression in price action often precedes larger moves, though the direction remains uncertain based on current market structure.

The presence of a large liquidation pool adds an element of risk to current market conditions. Sharp price movements could trigger a cascade of liquidations, potentially amplifying price action in either direction.

Recent trading sessions have shown declining volume, typical of consolidation periods. The $615 level continues to attract buying interest, with multiple small bounces reinforcing its importance as a technical support level.